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Solar Powered Car Global Market Comprehensive Analysis of Segmental Insights, Industry Dynamics, and Competitive Landscape (2024-2028) | The Business Research Company
Solar Powered Car Market Report
Solar Powered Car Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $6.57 billion In 2028 At A CAGR Of 35.6% :
The solar powered car market size has grown exponentially in recent years. It will grow from $1.45 billion in 2023 to $1.94 billion in 2024 at a compound annual growth rate (CAGR) of 34.3%. The growth in the historic period can be attributed to reduced greenhouse gas emissions, infrastructure development, urban planning initiatives, environmental concerns.
The solar powered car market size is expected to see exponential growth in the next few years. It will grow to $6.57 billion in 2028 at a compound annual growth rate (CAGR) of 35.6%. The growth in the forecast period can be attributed to rising government initiatives to reduce carbon emissions, increase in fuel prices, growing adoption of electric vehicles. Major trends in the forecast period include new product launches with focus on improving range, ultra-efficient solar cars for improved energy efficiency, development of solar powered electric vehicles (sevs), strategic partnerships and collaborations among market players, increased focus on sustainability and environmentally-friendly vehicles.
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Solar Powered Car Market Major Segments
The solar powered car market covered in this report is segmented -
1) By Type: Compact, Sedan, Other Types
2) By Solar Panel: Monocrystalline Solar Cells, Polycrystalline Solar Cells
3) By Battery Type: Lithium-Ion, Other Batteries
4) By Propulsion: Battery Vehicles, Hybrid Vehicles
5) By Application: Personal, Commercial
Key Driver - Rising Environmental Awareness Drives Growth In Solar-Powered Car Market
Growing awareness of the environment is expected to propel the growth of the solar-powered car market. Environment awareness refers to the understanding of the natural environment and the decisions one may make to either benefit it or cause more harm. Solar power cars have zero fuel emissions and are sustainable and environmentally friendly. People today are conscious of one's surroundings and make decisions that do not harm the environment. For instance, according to a survey conducted by Mastercard, a US-based financial services company, in 2021, 58% of individuals stated they are more conscious of their impact on the environment, while 85% of adults indicated they are prepared to take personal action to address environmental and sustainability issues. Therefore, the growing awareness of the environment is a factor contributing to the growth of the solar-powered car market.
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Prominent Trend - Valmet Automotive Introduces Innovative Solar-Powered Car With Lightyear 0 Launch
Product innovations have emerged as a key trend gaining popularity in the solar-powered car market. Major companies operating in the market are focused on introducing new technologies to gain a competitive advantage. For instance, in 2022, Valmet Automotive, a Finland vehicles manufacturer launched Lightyear 0 an electric vehicle that can be charged while in motion thanks to solar panels on its top, hood and trunk. The car's five square meters of curved solar panels, which were fitted into the Lightyear 0's roof, bonnet and tailgate, are one of its unique features. These panels will transform solar energy harvested from the sun into electric power for the car's motor. The car can also be able to drive while simultaneously charging their cars using solar power and conventional electric charging.
Solar Powered Car Market Players
Major companies operating in the solar powered car market report are Aptera Motors, Fisker Inc., Squad Mobility, Solar Team Eindhoven, Toyota Motor Corp,Lightyear, Hyundai Motor Company, BYD Auto Co. Ltd., Hanerg, Guangzhou Xiaopeng Motors Technology Co. Ltd., Honda Motor Co. Ltd., Kia Corporation, Mahindra & Mahindra Limited, Pravaig Dynamics, Sono Group N.V., Volkswagen AG, Ford Motor, General Motors, Rivian Automotive LLC, Enel X, EN1 Technologies
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Largest And Fastest Growing Region In The Market
Europe was the largest region in the solar powered car market in 2023. The regions covered in the solar powered car market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Solar Powered Car Market Report Structure
3. Solar Powered Car Market Trends And Strategies
4. Solar Powered Car Market - Macro Economic Scenario
5. Solar Powered Car Market Size And Growth
…..
27. Solar Powered Car Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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